Botox maker Allergan stays smooth after takeover offer

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The celebrity world’s favourite wrinkle-buster has become the subject of a corporate tug-of-war after a $47 billion hostile takeover offer for Allergan, maker of Botox.

Valeant, a Canadian drugs company, has linked up with Bill Ackman, the Wall Street hedge fund activist, in an attempt to buy control of Allergan, whose products include silicon breast implants and skin enhancements. They have offered a mix of cash and shares valuing Allergan at $153 a share. Allergan called the proposal “unsolicited”, but said it would “carefully review and consider” it.